Haw Par - just did a calculation, the number of UOB, UOL and UIC were based on end 2015 figures which possibly may be less in number since it may opt for scrip rather than cash dvd since its cash pile of 313+ million at end 2016 is too much for its needs.

just the sum of its key investment in UOB, UOL and UIC = 9.4485 per share. Taking its cash pile - total liabilities = 0.6949 per share. mean just these alone, haw par = 10.14 per share. I did not consider other things like its earning accretive biz in healthcare, property rental and other non key investment.